Now this past Friday afternoon I left off after sharing some very disturbing accounting practices by the Santa Barbara Board of Supervisors and Retirement Board. As I continue in my research and review of our County’s handling of at times over two Billion dollars, I am extremely troubled at the amount of abuse our County Residents and pension fund have been exposed too. In the document created by our Santa Barbara County Auditor entitled “White Paper” in 2006 Mr. Geis fails to deliver. In this attempt to clarify a complex set of issues with the fund balance and performance. In my view he raises far more concerns than he answers. As I have already shared with you on Friday the term “excess returns” requires a far better explanation than was provided. Are you aware that there is a history of siphoning off “Excess Returns” from the Pension Fund returns that dates back to the forties? I have so much more to share on that subject here today but first I want to share a review. You see I just do not want to get to far away from my main goal or point which has always been the lack of accountability in ALL ASPECTS OF OUR GOVERENMENT! What has happen too, ethics, duty, responsibility and the even application of the Law or rules which ever the situation may call for?
You might remember almost 5 years ago on the Craigslist I started off with just writing about the actions against me during my 5 false arrests and illegal Divorce. Now since than it has grown into what we now see before us. A huge mess of CORRUPTION and DECEIT at every level of Government I choose to look into. This could be any where from our local Superior Courts to our Finance Laws and Wall Street! I must be honest I never thought it would take this long for people to respond or come around to sharing some of my concerns with the courts for one simple reason. Half of America has been Divorced and one cannot ask for a greater example of bias than what happens in Divorce Court. I have a customer who works for a local Law firm that deals in Family Courts across the United States. His research can by State clearly show if the bias leans towards the male or female. That speaks volumes to the lack of applying the law ethically and evenly in Family Court.
During the abuse I faced I sat in jail from the end of July 05 until almost the end of September 05 based on a false arrest for violating a protection order that Superior Court Judge J. Lodge had never allowed. Now first off there was never a need for such an order but that tactic is a commonly used one during a Divorce. It is done so that the spouse can gain control of the entire divorce proceedings. In order to prove my detention and charges by the Santa Barbara District Attorney’s office were nothing more than malicious prosecution I had to seek the assistance of the United States Department of Justice and I did so. Once I requested and obtained my official criminal history from the Department of Justice I realized I could now prove several facts in regards to the actions taken against me in the corrupt Santa Barbara Superior Court. Facts like protection orders had never been issued, and the criminal records showed this in a clear fashion. Please remember up till 01/06 I had never ever been arrested and had already had my back ground cleared by the department of justice in order to hold a California Real Estate license ten years earlier. So does all that really matter, I mean one mans freedoms taken away with out due process? Why that would be like framing a 14 year old boy for a murder such as Ricardo Juarez was forced to endure.
So than I decided I had not yet found a strong enough subject matter to grab your interest and I moved on to Real Estate and Foreclosure Fraud right here in Santa Barbara County. As it turns out during the illegal foreclosure process of my own home the property was taken away and transferred with out following proper procedures or the law. The following data is taken from a posting on my blog and can be found @ http://santabarbaracriminalcourtcorruption.blogspot.com/2010/04/over-16-billion-dollars-during-previous.html
“ Over 1.6 Billion Dollars during the Previous 23 months In Foreclosure Sales , Deed Transfer’s and Possible Foreclosure and Real Estate fraud In Santa Barbara. It’s all about control!
Over 1.6 Billion Dollars during the Previous 23 months In Foreclosure Sales , Deed Transfer’s and Possible Foreclosure and Real Estate fraud In Santa Barbara. It’s all about control!
Now when I wrote my recent posting regarding the data involving N.O.D.’s, Trustee Sales and Trustee deeds I really gave you the soft sell. Truth be told upon further review of the Data provided at http://www.sbcvote.com/Data.aspx by our County assessors office the numbers are much worse than I shared. During the past 23 months of Data regarding Foreclosure types of sales or transfers. Based on the average property price found at the web site below we get an average County property value of 557,400.00
http://www.city-data.com/county/Santa_Barbara_County-CA.html
557,400.00 x 2956.00 = 1,647,674,400.00 WOW
The Data below is for the past 23 Months in Santa Barbara County
Notice of Defaults filed 5832 = a monthly average of 253
Notice of Trustee Sales filed 4793 = a monthly average of 208
Notice of Trustee Deeds Transferred 2956 = a monthly average of 128 transfers of Real Estate in foreclosure” End of Old Posting
So just a few weeks ago the Santa Barbara news press ran a front page story about how our local property value was on the rise, really? If you look at the chart below we see just the opposite is the current trend but take a second look at that chart only on the left side this time. The chart below reflects about 1100 homes sold in any given 4 quarters here in Santa Barbara. Yet my data above shows that about 1500 homes a year were transferred in a foreclosure during the same time span in the County. My point is that I was not the only one to lose a property to fraud during a foreclosure. I have yet to find the location of where 253 Notice of Defaults a month would be posted. This is a very important issue if one wants fair market value and competitive bidding to minimize there loss in what is already a very tense and stressful situation. If the chart did not forward the link is below.
http://www.city-data.com/city/Santa-Barbara-California.html#ixzz0mwz62oWW
So after uncovering that disturbing trend in Real Estate and the value involved to be over 1.6 Billion dollars I thought what next? Yes my next subject matter has been the Pension fund and the lack of accountability by any County official who has the obligation and responsibly in the funds performance. SO WHAT OTHER DATA COULD BE MISSING DURING MY REVIEW OF THE PENSION FUN? As I mentioned at the beginning of this posting the “excess returns’ have been getting siphoned off for years now. You can view the history of this highly unethical practice on page 34 in the report I reference below. All during the eighties and nineties this practice is repeated with no regard to the County residents that are being taken further advantage of.
http://www.countyofsb.org/sbcers/fnp/2007ExperienceStudyRevised.pdf
Santa Barbara County Employees’
Retirement System
2007 INVESTIGATION OF EXPERIENCE
For the period July 1, 2003 to June 30, 2007
Revised January 2008
Impact of Crediting a Portion of Excess Returns to SRBR
(Based on Historical Investment Returns with 5-Year Smoothing)
20%
15%
10%
5%
0%
1926 1931 1936 1941 1946 1951 1956 1961 1966 1971 1976 1981 1986 1991 1996 2001
Capped at 7.9% Excess Used for Funding Excess Used for SRBR
I was unable to transfer the chart in its entirety but it will reflect at least 15 other times during the decades I mentioned above that ‘excess returns’ had been pulled fro the general Pension fund value. If that upsets what would you say if I shared with you that the 422 million dollar lost in fund value from 06/08 to 01.09 was not even close to it’s greatest drop in value. Mind you I am not talking about unrealized investment return; no I am talking about a true bottom line loss! The fund had a value decline of 800 million dollars from a start at 10/07 with a value of 1,972,000 thru 02/09 with a fund ending balance of 1,169,000 when it was over, wow! Or let us review from 12/07@ 1,905,000 thru 11/08 which ended at 1,299,000 a 648 million dollar fluctuation. How could our Grand Jury not inform us of these catastrophic fluctuation in value and performance in there report in which they only represented a 24% loss in fund value as there main concern? Is it any wonder why the pension board would meet behind close doors? All laws and procedures matter and with out accountability we will continue to foot the bill for anyone we allow to hold the check book!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment